Administering agency. The higher education coordinating board shall administer the future teacher conditional scholarship program. The staff of the higher education coordinating board, under the direction of the executive director, will manage the administrative functions relative to the program. The board shall have the following administrative responsibilities, encompassed within the board's enumerated powers and duties:

(1) Enter into agreements with participating institutions, and billing and collection agencies as may be necessary.

(2) Select students to receive conditional scholarships, with the assistance of a screening committee composed of teachers and leaders in government, business, and education.

(3) Adopt necessary rules and guidelines.

(4) Publicize the program.

(5) Collect and manage repayments from students who do not meet their teaching obligations.

(6) Solicit and accept grants and donations from public and private sources for the program.